City Of Tucson Authorizes $1M for Small Business Loans

The Tucson City Council recently authorized a $1 million contribution toward the We Are One/Somos Uno Resiliency Fund, responding to the demand for financial assistance from businesses negatively affected by the COVID-19 pandemic. The Tucson Resiliency Direct Loan Program is administered by the Business Development Finance Corporation.

Eligible businesses must be located within Tucson city limits, have a valid City of Tucson business license, and be registered with the Arizona Corporation Commission (ACC) in good standing (sole proprietors do not have to be registered with the ACC.) Direct loans of up to $25,000 at 0% interest are available to small businesses, sole proprietors, 1099 contractors, and 501(c)(3) nonprofits that meet the eligibility criteria.